S&P 500 Futures Rise in Premarket Trading; Tapestry, Deckers Outdoor Lead
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 25 2024
0mins
Source: Barron's
Market Performance: Tapestry Inc. and Deckers Outdoor Corp. saw significant pre-market gains of 16.4% and 14.4%, respectively, while Centene Corp., Booz Allen Hamilton, and Western Digital also posted increases of at least 10%. Conversely, Olin Corp. and Comfort Systems USA experienced declines of 9.0% and 6.2%.
Broader Market Trends: S&P 500 futures rose by 0.19% and Dow futures by 0.17%, while the Cboe Volatility Index futures decreased by 1.04%. In commodities, Brent crude oil increased by 0.80%, gold fell by 0.50%, and Bitcoin dropped to $67,942.
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Analyst Views on WDC
Wall Street analysts forecast WDC stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 251.670
Low
135.00
Averages
189.74
High
250.00
Current: 251.670
Low
135.00
Averages
189.74
High
250.00
About WDC
Western Digital Corporation is a developer, manufacturer and provider of data storage devices and solutions on hard disk drives (HDD) technologies. The Company manufactures, markets, and sells data storage devices and solutions through its sales personnel, dealers, distributors, retailers, and subsidiaries. Its portfolio of technology and products addresses end markets: Cloud, Client, and Consumer. Cloud is comprised primarily of products for public or private cloud environments and enterprise customers. Through the Client end market, the Company provides its original equipment manufacturer (OEM) and channel customers with a broad array of high-performance HDD solutions across desktops and notebooks. The Consumer end market offers a range of retail and other end-user products. Its product portfolio includes Internal HDD, Data Center Drives, Data Center Platforms, External Drives, Portable Drives, network-attached storage (NAS) for Home and Office, and Accessories.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Micron Stock Plunge: Micron Technology's shares fell nearly 10% on Monday, marking a roughly 30% decline since its blowout earnings report on March 18, indicating market apprehension regarding its future prospects, especially following the new technology announcement.
- Diverging Investor Sentiment: While retail sentiment for Micron remains 'extremely bullish' on Stocktwits, sentiment for SanDisk and Western Digital is 'bearish,' reflecting differing market expectations and concerns over the NAND market's vulnerability.
- Analysts Optimistic on Long-Term Outlook: Despite short-term pressures, analysts remain bullish on Micron's long-term prospects, with 38 out of 43 analysts recommending 'Buy' or higher, and an average price target of $527.60 suggesting over 64% upside potential for the stock.
See More
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- Significant Stock Drop: Micron Technology (MU) closed at $321.80 on Monday, down 9.88%, reflecting investor concerns about future growth, particularly in light of Google's TurboQuant AI algorithm potentially curbing memory demand.
- Surge in Trading Volume: The trading volume reached 72.4 million shares, nearly double the three-month average of 36.3 million shares, indicating heightened market attention and anxiety regarding Micron's outlook.
- Market Expectation Reset: Despite Micron's strong earnings report earlier this month, the stock has trended downward as investors question the sustainability of its over $25 billion capital spending plan, especially with Google's new algorithm potentially reducing memory demand.
- Focus on Long-Term Potential: While facing short-term pressures, investors should remain focused on Micron's long-term potential, particularly as more efficient memory models could drive increased demand, although the full impact of Google's new algorithm remains unclear.
See More
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- Divergent Market Performance: On Monday, the S&P 500 index fell by 0.39%, while the Nasdaq 100 hit a 7.75-month low, indicating market concerns over the Middle East situation, particularly exacerbated by a sell-off in chip stocks, which negatively impacted investor confidence.
- Declining Bond Yields: The 10-year T-note yield dropped by 8 basis points to 4.34%, reflecting market fears that the ongoing war in the Middle East could lead to fuel shortages, potentially suppressing expectations for Fed rate hikes and highlighting economic growth uncertainties.
- Rising Crude Oil Prices: Crude oil prices surged over 3% to a three-week high due to Iranian attacks on the Strait of Hormuz, indicating severe threats to global energy supply chains, which could lead to soaring prices in the future and impact the global economy.
- Weak Manufacturing Activity: The Dallas Fed manufacturing activity survey fell to -0.2, below the expected 2.0, reflecting signs of economic slowdown that could influence corporate investment decisions and future economic growth.
See More
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- Significant Stock Decline: Micron Technology (NASDAQ:MU) closed at $321.80 on Monday, down 9.88%, reflecting investor concerns that Google's newly released TurboQuant AI algorithm could suppress memory demand.
- Surge in Trading Volume: The company saw trading volume reach 72.4 million shares, nearly double its three-month average of 36.3 million shares, indicating heightened market attention and anxiety regarding its future outlook.
- Increased Market Competition: Google's TurboQuant algorithm promises to compress memory requirements by up to six times, which could impact Micron's market demand, despite a surge in memory demand that previously drove its stock up over 250% in the past year.
- Long-Term Potential Under Scrutiny: Although Micron issued strong earnings earlier this month, investors are questioning the sustainability of its over $25 billion capital spending plan, suggesting a focus on long-term investment potential rather than short-term fluctuations.
See More
